Market Update With Nevada King

0:03 Okay, as folks are filtering into the room, I will say good morning, good afternoon, or good evening, depending on where in the world you're logging in from. I did see quite a few times zones represented today, so I really appreciate everybody making the time. I've got with me today, John Skladnik, CEO of Nevada King to go through a quick presentation about the company. But then I've got some questions for him. We'll discuss recent news and a little update on what's up next. But John, how are you today? Great, Romeo. Yeah, looking forward to sharing some big news and getting into the story. Awesome. So I'm going to do a quick bit of housekeeping first. For those who are familiar with the Nevada King story, John's just going to go through a quick presentation just for the folks in the room who aren't. So please bear with us. We'll get to the chat and the new stuff in relatively short order. There is a chat button at the bottom of the screen. So this is an interactive event.

0:48 So while I have some questions for John, you're welcome to ask your own as well. Please do enter them at any point during today's event. If I don't get to them for whatever reason, I'll still make sure that John and the team at Nevada King receive your question and have the ability to get back to you.

1:01 So please do enter them, but I'll try and get to as many as I can, certainly during today's session. Other pieces that this is being recorded and will be available for replay at probably 2.30 PM Eastern, I would say roughly. It will pop right in your inbox, but it will also be available on Six's YouTube channel. Final thing I'll say before I get through the boring stuff is that there will be forward-looking statements during today's event. So please be aware of that as we go through both the presentation and questions. That's it. John, I'll throw it to you to go through a quick presentation.

1:28 Great. Thanks, Romeo. Yeah. So I'll just, for those new to the story, just give you a quick high-level overview here. I think this title slide really captures what we're about. It is a high-grade

1:41 oxide Gold deposit in the world's best mining jurisdiction of Nevada. So That's really the key here. This is your intro slide here. We do have over 1Moz at over 1Gt. That's all oxide, which is one of the highest-grade open pit development stories in the world. We do have 100% of the district as well. I'll show you our slide there that shows the land package there. It's massive. This is a past producer as well, which gives some encouragement in terms of permitting because it's already a disturbed site and you've got some de-risk Metallurgy because Gold was produced there previously. That said, we have run our own phase 2 network and it shows a run of mine heap leach operation and conventional milling. We're certainly more than fully funded for our ongoing drill program, which I'll get into. And one of the things that I think gives myself and investors generally a lot of comfort is the alignment between management and insiders.

2:38 And that's further bolstered by the recent investment from Suntera. I'm just going to skip through some of the slides just to kind of key on some highlights here. This is the management team and there has been some changes over the past year, myself assuming the CEO seat. We got Jeff Stieber in there relatively recently and a new VPX as well with Justin Daly. Importantly, the site team has been changed, still Calherin and Hayden Smith at site running the exploration program. Then we have the board composed of Colin Cattell, our founder and chairman. And we've got Bill Hayden, who's Robert Friedland's right-hand man, discovered Platte reefs. And then we've got Mike Doolan, who's Paul Hewitt's right-hand man and currently COO of America's Gold and Silver. It won't dwell on this slide now, the world's number 1 mining jurisdiction, according to the Fraser Institute, obviously a lot of corporate interest.

3:31 This is a show on the past production between 1975 and 1985. We really started drilling this out in 2021. This just gives you a quick site overview and some things I'd highlight here is the amount of infrastructure that we're working with. We certainly have a bit of a running start. We've got power at site, we've got water, we've got a core shack. It's a fairly quick drive from Las Vegas. We got roads right to site. You can see the past producing pit. Importantly, we've got modular crew quarters there as well. So that allows us to drill for about 80 bucks a meter. Can't really beat that anywhere in Nevada, that's for sure. And all of the property is BLM, aside from the resource area, which is patented, and Silver Park also patented.

4:17 So as good as it gets in terms of permitting, like I said, easy, just fly to Vegas, 3 and a half hour drive on a paved highway. You know, I've been on some site tours where you got helicopters to access. Sometimes you got a security detail, armored cars, none of that required for our site tours, just rent a car at the airport and drive to site. And then we're going to be doing that. We've got an analyst tour coming up next week. This is probably the most important slide. So I'll just dwell on this for a little bit here. You can see from my cursor, just showing that outline, that red dotted line there, that's the Atlantic caldera. You can see we have the entire caldera under our 130 kilometer squared land package. You can see not coincidentally, Here's where the resource sits. It's on the margin of the caldera and you can see all of our targets typically sit along the margin of the caldera as well.

5:08 The best analogue for our property is Round Mountain. That's another caldera hosted system operated by Kinross where almost 25Moz have been delineated since it went into production after finding 1Moz back in the 1980s. We see similar potential. We'd be shocked if there's only a resource on this small part of the edge of the caldera and we expect to find more high Gold concentrations in other parts and that's what we're looking for right now. I'm just going to skip over these slides. This is now phase 1 and phase 2 reflected in the resource update. We drilled 30 of the top 100 best intervals by a pre-revenue company in the US. That was the highest concentration of any company in 2024. It led to fairly elevated expectations for our resource. We put out a resource estimate in June 2025.

6:01 Here it is. It's 1.1Moz at 1.1g per ton in both M&I and Inferred categories. Importantly to highlight a really high grade core here, so we do have 0.5Moz at 4g per tonne. About half of these ounces would report to a heap leach and about half would report to a mill. And also worth noting, the quality of this resource with over 90% of the ounces in an M&I category, and also worth noting this is done at $2200 Gold and $25 Silver. So If we were to run these numbers at now the current 3-year trailing average, we'd probably have some more ounces coming in. Anything closer to spot, of course, even more

6:39 ounces, both from Silver and Gold. So it does lead to the second highest oxide Gold project in the U.S. Of at least 1Moz. And Effectively, it's the highest because Coliseum is really focusing on Rare Earths in California. Just quickly over the Met, like I mentioned, run-of-mine heap leach. That's as low cost as you can get for operating costs and initial capital costs. And then the other material would go through a two-stage crush down from a three-stage crush.

7:10 So that's beneficial both from an OPEX and CAPEX perspective as well. And we'll also have a Merrill Crowe circuit in there to recover the silver. So we're really happy with the work being done. And I do want to stress that this is high quality network done by Gary Simmons, former director of technology and metallurgy for Newmont. The Resource was also done by Respect. So again, going for high quality in terms of the data that we're trying to have here. Ultimately, we view this and try to set up the company for other corporates that are gonna be looking at our data. And I think that worked well in terms of getting Sentara on board. You know, you want to be showing high quality data. Otherwise, if it's not up to their standards and they don't trust the data, you know, what's the point in having it?

7:57 So we're really looking to go with the highest quality here. Again, I'll quickly just go over the phase 3 program once we put out that resource update. We did want to explore what is the district scale potential here. We've got this massive land package. We've got the entire caldera. Let's start poking some holes in some other areas and see what we have. The 3 key areas that we focused on with the phase 3 program all encountered above cut-off grade Gold mineralization.

8:24 And these are not like little step outs pushing the envelope of the mineralized envelope of that resource. These are like reconnaissance exploration, 2km to 4km away. So pretty thrilled to be getting that above cut-off grade Gold mineralization in all 3 of those areas. Obviously pretty hard to find Gold. The scarcity is what gives it its value. So we're pretty pleased and that led to our current phase 4 program. We're in the midst of a 20,000 meter program right now, looking for satellite near surface oxide deposits. We've got a focus right now on Silver Park East, where there's an info program and a step-out program, and then 50,000 meters allocated right now to the other 3 regional exploration targets in Atlanta South, Atlanta North, and Western Rim.

9:12 I won't dwell on these slides on the targets themselves. Feel free to check out the website, but we can hop to questions and get into this in a little bit more detail. The one I will just kind of dwell on here because I think it's quite telling, the image, is Western Rim. This is our newest target, potentially the largest as well. And I just really wanted to highlight here what happened where the BLM went in and they ripped up a bunch of trees and it exposed bedrock. And then the geologists went in and they outlined 2.5km

9:44 of quartz veins with Gold, Silver, Arsenic, Moly. And we've got rock chip samples up to 20.8g per ton. And we've done some geophysical work that's going on right now. And you can see in the image here some hyperspectral work. And what this red is, is Illite crystallinity. And what that's indicative of is a very hot activity in the past. And it reflects in this Illite crystallinity just popping out here at the Western Rim. And it also pops out, not coincidentally, here at Silver Park, where there was past producing open pit area and a focus of exploration. And also pops out here in the Atlanta resource zone, where of course there was past production with the open pit and also where the resource exists right now.

10:33 So it's all showing the potential hallmarks of a large Gold system. So we're chomping at the bit to get to drill this around mid-year. Just showing that we're still significantly undervalued compared to recent acquisitions. That's the same case on third-party estimates here. We are covered by Desjardins and this is their coverage universe for other developers. So, massive discount on a PNAT basis and EV per ounce basis. And here's our new slide here showing that 10% ownership from Sentara in our current

11:07 numbers. So I'll leave it there and yeah, turn it back over to you there, Romeo. Awesome. Appreciate it, John. Yeah, I do have a couple of questions. I know some people sent some in over email, so we'll definitely get to those. But there's some that I just wanted to throw your way before we get into those. Now, I don't want to talk about the Sentara deal because I think it's pretty significant. Obviously, them coming in at $10 million is impactful for the company. What does it say, in your opinion, to have a major producer take a strategic stake?

11:38 What does it say about Atlanta's long-term potential? It definitely corroborates our view. We've always viewed this as a district-scale project and the 1.1Moz, that 1.1g per tonne, that's a nice start and we're really happy with that. That project looked solid in and of itself, but we didn't put this land package together to just find 1.1Moz.

12:05 To have a team like Sentara, Neil Adsaid, who leads their investment group, do the work that he did for them to have geologists at site, it's a strong endorsement for our beliefs and the work that we've been doing.

12:24 I think that they're investing in the project, they're investing in our site exploration team as well. It certainly gives us a lot of comfort to see that a group like that shares our view. And I think that should be reflected from investors as well, giving them a certain level of comfort that a group like this with their deep technical knowledge is prepared to invest $10M and take a 10% ownership position in our company. I agree. I mean, it's certainly a vote of confidence from experts. So it's always nice to see that validation.

12:57 But talk about where the proceeds of this raise are marked for. Because it looks like from your press release, sir, for Silver Park, Atlanta South, Atlanta North and Western Rim. So just from a drilling strategy perspective, can you walk us through how you're prioritizing those targets and what drilling cadence looks like for the rest of the year? Yeah, that was certainly stipulated with the investment.

13:19 They want that spending on resource growth potential and on meaningful exploration, not infill.

13:30 Part of our drill program right now is in filling Silver Parkese for sure. But they really want to see what there is at these targets that we have where we've got strong geophysical anomalies, we've got some drill holes into them showing Gold mineralization, We've done geochemical work as well. There's a lot of indicators here that there could be more deposits and some of them could be potentially quite large.

13:56 In terms of how we're prioritizing these targets, We are in the midst of drilling Silver Park East. We should have some assays out later this month, hopefully shortly after the closing here of that financing. That's both a combination of infilling that mineralized footprint where you've got about a 300mx500m

14:18 mineralized footprint. And then we're also been kind of pushing the boundaries there and seeing that extended. So that's our first priority here is figuring out Silver Park.

14:32 As we wait for assays to come back, we do have 1 drill rig at site. We don't want to just sit and wait. In areas where it determines where our next drill hole is going to be, we'll wait and we might move the drill rig to Atlanta South, drill a couple holes there to follow up on the nice mineralized hit we had last year. And then we're also waiting right now to permit Western Rim. And once that goes ahead, it's game on there to really test this high priority target for us. So that's kind of the order of operations. I think it's Silver Park, Atlanta South, which also has potential to be a larger system that's a poking up limestone host rock, which has been a common host rock for relatively larger deposits in Nevada.

15:21 And then Atlanta North, I think, maybe has smaller potential, could be a small oxide satellite pit, but I think it's Atlanta South and Western Rim that could potentially be large deposits and ultimately dwarf the size of the Atlanta resource zone. Silver Park, what we're keen on, I don't think that will be as big as Atlanta, although who knows? I mean, it does keep growing and growing more than we initially thought. So time will tell on that one. But certainly in terms of Sentara, what they're looking

15:52 for, what they're investing in, it is that regional exploration and those key targets there. And that's the order that we're going to drill them. Great. I want to kind of zoom out and just talk about the market for a second. This ties into a question I got over email actually. So with the financing fully subscribed, Sentara anchoring it at that $0.21 per share. How are you thinking about the valuation relative to where the stock has been trading? And the question that came in online is, what do you think right now the market's missing about valuation for the company? Yeah, I mean, in terms of that $0.21 level, I'm not thrilled with the valuation there. I don't think Sentaro is thrilled to be paying a 27% premium to our most recent close either. So, you know, when neither party is happy, I guess that's a sign of a good deal, as they say.

16:41 But yeah,

16:44 compared to where we were trading, you know, we weren't, fortunately, you know, we weren't in need of doing a financing. We could have continued on. We would obviously need to eventually, but to have Sentara there and prepared to make the investment to us, that's something that was very attractive and we didn't want to pass up a strong endorsement,

17:05 obviously, a deep technical knowledge as well that we can rely on. But in terms of the valuation, we're still trading at a massive discount. On third-party analyst numbers, We're trading at a 65% discount on PNAV versus their other developers and a 25% discount on EV per ounce.

17:25 I think we were put in the penalty box effectively since we put out that resource update in June 2025. And then I think that there were some other, I guess, unknowns, myself being one of them as a relatively newer CEO, bringing in a new team, a new CFO, a new VPX.

17:46 And then this regional reconnaissance drilling, this is a different type of drilling than we were doing. And I don't think certain previous retail investors had the stomach for it. It's one thing when you're infilling a deposit where you know you have high-grade Bonanza intercepts and you're loving these headline numbers coming out, it's a totally different thing when you're exploring regionally and seeing is there gold mineralization there? Is it going to be oxidized? And it's higher risk exploration, but that's higher reward exploration as well. So between those 3 factors, I think that investors wanted a certain level of comfort to see how this was going to play out. And I think we're now at that turning point where near the end of 2025, we started to show some promise at Silver Park East and the stock got a bit of a bump there.

18:40 And now I think Sentara coming in, they've kind of framed this as a fresh story.

18:46 You've got the resource there to start things out, but you've got the relatively new team. I think we've got a really well-qualified board. I bring some capital markets background. We've got Colin Cattell, who's a serial entrepreneur and started a number of successful businesses. Brilliant strategic thinker. We've got Mike Doolin. He's a mine builder. He's a metallurgist by trade to be the current COO of America's Gold and Silver. And then Bill Hayden, an incredibly qualified

19:16 geologist who's made large deposits. I think we've got some pretty good strength on the board. But in terms of what the market is missing, I mean, I don't know how to, it's hard to kind of just be pounding the table and screaming from the top of the mountaintops, we have effectively the highest grade oxide deposit in the number 1 mining jurisdiction in the world.

19:41 There's no rational reason for us to be trading at discounts on any valuation metric. And it's going to take some time. There's a lot of other stories out there and it's about getting in front of investors, just hitting the pavement, continuing to do webinars with you, getting out to conferences, going to a retail conference this weekend, then hosting analysts, site tours, hoping to boost analyst coverage. You know, just everything that we can do to get this in front of as many investors as possible. Have this name be top of mind and to let them know that this is an incredibly high grade oxide gold deposit in the best jurisdiction in the world. Awesome, appreciate it, John. And on that note, actually, there is a request meeting button at the bottom of your screen. If you would like to meet with the Nevada King team, please do press that button. We'll try and get you guys connected after the event. Thought that was a nice time to mention it.

20:31 I did want to speak at the board because you mentioned Colin Kittel. I know he and Michael Parker both participated in the financing to maintain their stakes. How important just strategically and as you guys think about as a team, was it to keep insider alignment intact in this round? And what do you think that says to the folks in the room about conviction on the project? Yeah, it's not my choice. They're both my boss, the number 1 and number 2 shareholders. So yeah, there's no diluting them. They want to play pro Rata. They want to maintain their ownership. They want to see this thing through to a large premium acquisition. There's no doubt in their mind. They've been there through previous rounds. They're still there now. It's nice. It gives me a lot of comfort that they can backstop any sort of capital funding need going forward. But we're fortunate where we've got generally good access to capital.

21:29 For them, this was something where they just wanted to maintain their ownership positions. You've got Mike Parker at just a hair under 20% and you've got Colin a little under 17%. So yeah, they're not gonna be diluted down. They wanna be there, they see the upside, they see the potential and yeah, they've been driving this thing forward. I think that should also give investors a lot of comfort. This financing overall to bring in a group like Sentara, a US$5Bn company with their technical know-how, but then to have management and insiders with Colin and Mike maintain pro rata, that should give as much comfort as you can possibly get from a financing.

22:17 I'd also note our institutional shareholders, none of them have sold and in fact, every one of them has increased. So they've increased their ownership. So in terms of the stock price, that's retail selling and it's institutions that are picking up some shares as well. So everything that you want to see and should give a lot of comfort to investors that are watching the story. Awesome. Appreciate it. And I know this is a question reflected both in the chat, but also an email and I had it too. So I might as well ask it now. You got US$16M in the Treasury. What does the runway look like? Are you funded through to a resource update? Are you funded through this drill season? Where does this cash in the Treasury get you? Yes. So, I mean, even before this financing, we were fully funded for the 20,000m drill program that was ongoing.

23:08 Now adding this in, yes, we're certainly more than funded. We can just keep drilling. Really, this is going to allow us to fully test all of the targets that we have delineated on the property. Right now, we're doing a full test right now on Silver Park East, but we haven't really gotten into Atlanta South. We haven't really gotten into Western Rim. This could, and hopefully does, require a significant amount of drilling. So this is going to allow us to fully test that. Remember, at US$80 a metre for RC drill holes, we can get a lot of meterage done obviously with this new $16M raise. So it certainly allows us to do some core holes for Metwork.

23:55 Certainly allows us to do a resource update as well if we choose to do that at Atlanta Resource Zone at metal prices that are a little bit above US$2,200-$2,500 Silver. And if we get to have success with the infill program at Silver Park, it allows us to put out a Maiden Resource there as well. So certainly a lot of runway here. It's important that this doesn't change the way that we operate though. We want to continue to be fairly, I guess, conservative with our spending and really, I was saying this before, we've really right-sized our G&A spending. We've reduced management and directors fees by 53% from the previous quarter's financials to the year prior.

24:44 That's really important just for allowing us to target about 70% of all of our cash outflows going to drilling and exploration. And that's not changing. We still want this money and 70% of all of our spending going to drilling and exploration. Awesome. I appreciate that. I do want to talk quickly about Silver Park East because I know it's been expanding pretty quickly with the latest step out. We talk about pushing 350 metres to the south. Given those results, what's the thinking on whether Silver Park East gets folded into a broader resource estimate kind of alongside Atlanta? Yeah, I mean, it's a really good problem for us to have. And that is what we're trying to decide right now is. The initial plan was to just infill, at that point it was a 300mx400m mineralized footprint. We've now pushed that to a 300mx500m mineralized footprint and to just infill that, get that to a potentially a resource category, an inferred category and publish that.

25:54 Things have changed though. We did have that step out 350m to the south of that main mineralized footprint. That was with Rab drilling. As much as we're chomping at the bit to drill more, we only have that 1 RC rig. We brought in a Rab rig, that's a rotary air blast drill, and that can really only go down to 30m. We then followed up with that with the RC, which can go much deeper. Those assays are pending and that's going to be very telling on how much we want to continue to do the RC. It looks like that trend continues to the Southwest. So how far do we want to push that until we say, okay, let's draw a line in the sand and put out a resource estimate and say, all right, there's more growth potential here at Silver Park.

26:49 We'll continue to drill after. Or do we fully test the expansion and then infill that to an inferred category? All decisions that we're going to be making internally. But yeah, love the problem and hope that the team at site gives me more problems like this on when we want to put out a resource update and how much we want to continue to expand the footprint. That's love a champagne problem. Those are the better ones to have for sure. Yeah. I should have asked earlier actually, but I know Sinterra has investor rights as part of the deal. I'd love if you could just share with the folks in the room what those rights look like and almost more importantly, is there a path to a deeper partnership or a larger stake down the road? Should investors be looking out for that? I know it's a bit of crystal ball gazing, but I'm just curious your perspective.

27:38 Yeah, I guess to start with the investor rights agreement, you know, it's fairly typical for these types of strategic investments to have an investor right. They'll be able to participate and maintain their ownership level going forward. Also, information access. There's no board seat. There's no technical committee. That said, there is already a fairly deep relationship with the Sentara team now. That was a long, lengthy due diligence process. We know the group there well, and it's great to be able to bounce ideas off them. In terms of the larger stake down the road, I don't think so. I don't think that's something that is necessarily beneficial to NKG shareholders.

28:28 We've got, like I said, Mike Parker a little under 20%. We've got Colin a little under 17%. We now have Sentara at 10%, you know, almost half of our shares are now taken up by 3 groups. So for them to go higher than that, you know, it starts to inhibit our float and inhibit our trading volumes. I don't want Nevada King to be viewed as in anyone's back pocket, essentially. We're still an open M&A play. That's really important to me and to the Nevada King team. 10% is a good amount for us from our perspective. It's a strong endorsement for the project.

29:16 But going beyond that, I'm not sure if it's necessarily helpful for Nevada King and what we're ultimately trying to achieve. Great. Glad I asked. That's a great answer. I know we already talked about the drilling program. This is a question from the chat. We're already funded even before this most recent financing, but how much of that 20,000m has been drilled so far? And when should investors be looking for next results coming from that program? Yes, so we're at about 3,500m drilled so far. So a little under 20% of that program. It hasn't gone as quickly as we would have liked for a couple of reasons. Firstly, our budget that we set out in December internally, it assumed 2 RC rigs at site. Right now we only have 1 RC rig and really it's finding a second high-quality drill crew to be able to come down and help us out with more drilling.

30:17 So, yes, We're only about 3,500m in, so not quite as quick, but typically Q1 is the slowest quarter for drilling. I expect the pace of drilling to pick up in Q2 and Q3. We've been drilling at Silver Park, some infill and some expansion. I would expect to be able to put out some assays later this month, so we should have some back and ready to put out to the market. Obviously, we've been very focused on this Sentara transaction and now getting this to a close. And as you saw from the slide deck there, it is as lean a management team as you can find. And that's partly how we can reduce that G&A and management director's fees year over year, but it's effectively me, Jeff Stieber and our VPX, Justin Daly in the management team and the rest are geologists at site.

31:14 So anyways, That's kind of the bottleneck there. Can only do so much at once, but certainly working on that next press release and the next exploration update. And we want to get some news out to the market. We know that we've been kind of lacking on news to the market. And that's, I guess, to a certain extent, was a bit intentional, you know, when you're in the midst of a financing, and like I said, this was a lengthy due diligence process. This went on for a little bit, you know, don't want to be, you know, doing anything that could be perceived as affecting the stock if it's discretionary. So glad we got that done. Glad we got that announced and now back to kind of normal course business. That's good. Over the hump and that's drill baby drill. I like that. Looking forward to seeing the next assays obviously.

32:06 Last question for me and then I'll get into a couple that came from the audience. I always feel a bit like a crazy person talking about macro with Explorers, but I know Gold is still having a strong run right now, despite that pullback from January. I think it's at almost $4,800 U.S. Today. So arguably still in that same bull market we saw before the war in Iran kicked off. Does the current Gold price, I always like asking explorers this, Does the environment change anything about how aggressively you deploy capital or how you progress a project? Or does the plan really stay the course regardless of the macro tailwinds that we're seeing? For us, it probably affects us most by driller availability and the lack of loyalty from drilling groups. We've been drilling consistently, aggressively since 2021 at this project with Nevada King.

33:01 We're now in a position where everyone else wants to drill too and have trouble finding drillers. Yeah, I hope that this Gold price stays. Again, it's part of the same problem where, yeah, in a good Gold price environment, you're going to have more competition for drillers and we obviously like the strong Gold price environment because it leads to strong interest for Nevada King. That said, other than that, it certainly has an impact when you're in the midst of a financing. Otherwise, it doesn't really from an operational standpoint. We may look to update our resource numbers only if we're doing a Silver Park update. Maybe we update the numbers at the Atlanta resource zone, the resource estimate there. But otherwise, it doesn't really change anything.

33:54 We've always had the mentality of wanting to drill as quickly as we possibly can. We don't want to be accruing interest on this cash. We want to be drilling. That's where we're going to surface value. That's where we're going to make multi-million ounce discoveries. And so it really doesn't change anything. The financing itself doesn't really change our near-term plans. It's always been to drill and to test these targets and to continue to proceed with defining the full potential of this property and the Gold price environment. Same thing, aside from financing and the share price, operationally it doesn't really have a big impact on what we're looking to do near term, and that's to drill out these targets.

34:47 And so we have, and I think that is another differentiating thing with the Nevada King team compared to some other exploration companies where I think there can be a reticence from other companies to drill targets. They like having the potential sitting there. We don't. We want to figure it out. Like I said, Colin and Mike Parker are there to find multi-million ounce deposits. We're going to drill these things. We're going to drill these targets. If the Gold's there, great. If it's not, that's too bad. We're going to move on and drill some other targets, but we're not just going to sit here and say that, oh, maybe there is Gold here, drill 1 hole and then wait and press release 1 hole.

35:36 We're actively drilling. We really want to figure this out. We want to define a large multi-million ounce system here. And the only way to do that is by drilling the targets. I appreciate that very much. One question that came over email, we've already kind of covered it. So just really, this is more to reiterate than anything else. Somebody wanted to know what the closest upcoming catalysts are that might move the share price. Yeah, I mean, well, it's going to be drilling. Like it just is. We're a drilling story. It's going to be the drill bit that gets the stock really going. Probably the next one will be, hopefully, closing of the financing with Sentara. But then it's going to be drill updates.

36:22 We're also looking to permit Western Rim, get better drill access there, so working on that as well. But We want to be press releasing drill assay results at Silver Park East, I think will be the next one. We want to be getting into Atlanta South and start to figure that out. And then Western rim. It should be a fairly steady cadence of drill updates through the rest of the year. I know we've been a little bit quiet on news for a little bit of time. That was partly just due to the process that we were in. And now, looking to make up for lost time and get some news out to the market.

37:09 We've got the one drill turning there. We've got the Rab drill as well, but we want to get the second drill returning and we want to be drilling as aggressively as possible and then putting out updates to the market. So that's going to start later this month and should continue with a fairly steady cadence. Okay, big spring. Looking forward to talking to you after a lot of those results. One last question from the audience, but while I ask it, last opportunity to ask questions if you've got it. Also, last opportunity to hit that request meeting button at the bottom. I know a number of you already did. Appreciate it very much. It's a political question, so I apologize, John, in advance. That's 1 that I've gotten a lot over the last 2 weeks, and I imagine I'll get a lot right up until November this year. And that's can midterms impact project permitting anything, et cetera, in Nevada? For us, I don't really think so. I mean, we weren't, we really liaise with the BLM office and that's a local office out of Caliente.

38:05 So nothing changed from the Biden administration to the Trump administration. Still just dealing with the local group there. I think if anything, it has to do with their bandwidth. And so, if they can staff up a little bit, that's always helpful. But in terms of the politics, It's been a favorable, I think, environment right now politically for us in the U.S., but we're quite fortunate to be in Nevada, where the state is obviously very supportive of ongoing exploration and development and ultimately construction of new projects. The local BLM office too, it's X mining people there. So, doing the work to protect the environment, but also not looking to put up any roadblocks here towards advancing that. You've seen that with our past plan of operations being approved fairly expeditiously and now we're looking to put together another plan of operations modification. This would be our fifth 1 and that will allow for again better access at Western Rim as well as some other targets.

39:20 But yeah, I don't think that we're necessarily that affected, love the Fast 41 program coming in and it's been great to see some other developers that are at a more advanced stage with already defined resources. They know the potential on their project. They've moved through economics and they're in the Fast 41 program. So that's great to see. But For us, yeah, as an exploration story, I don't think it has a significant impact. No, appreciate it. Like I said, I'm sure I will ask this question at least once more to even you, this is probably this year, because that does keep coming up. But John, thank you so much for both running through the story for folks new to it, but also for letting me grill you a little bit and taking questions from the audience. Everybody in the chat, I know there were quite a few of you. We do get to every question, but if you think of the perfect one to ask right after the event, I often do that myself, please do submit it. I'll make sure it gets to John, but John, thanks so much for your time. Appreciate it very much. Romeo, Thanks for having us on and being able to showcase the Nevada King story for everyone.

40:21 This is a real reset, a major inflection point here. I just can't wait for the rest of the year. We're drilling so aggressively. We've got the highest quality project, highest grade project for Oxides, best jurisdiction. And yeah, I'm pounding the pavement now and getting in front of everyone I can to make sure that this is top of mind. So I appreciate your help with that, Romeo. Awesome. And looking forward to see what happens next. So hopefully you'll get sick of my mug pretty soon. Thanks so much. Hope everybody has a great weekend.